San Leon Energy, an oil and gas explorer, says drilling at a concession in Poland has "encountered continuous gas shows".
The results at the "Braniewo S" dig indicate a wet gas system, although there were also indications of oil.
Evaluation of the coring samples taking during drilling is expected to take three to four months, with San Leon aiming for continued operations later in 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We are excited by the successful drilling and significant data gathering at the Rogity-1 well.Our initial results show the regional variability of the basin and have confirmed our model of a more liquids rich system on the eastern edge of the basin," according to Chairman Oisin Fanning.
The company also indicates it may undertake "hydraulic fracturing" tests, which involve dislodging oil and gas by pumping liquids into the ground.
Shares in San Leon had risen 9% by 12:42.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
